10 Year Low for Life Assurance Costs
Article published on 31st July 2008
The financial website, Moneyfacts.co.uk, has released research demonstrating that in the past 10 years the price of Term Life Assurance (TLA) has just about halved.
For people who do not smoke, intense competition between insurers has reduced the average premium for men by 53% since July 1998, which works out as a saving of £3,018 over a 25-year period.
The average premium for non-smoking women has also dropped 48% in the last decade, cutting the premium cost on an average 25-year term by £2,232.
Even smokers, whose insurance premiums always tend to be higher, have seen improvements. The average premium for male smokers come in at 48% less, a saving of £3,780 over a 25-year term, while the average premium for female smokers is down 45%, working out as a saving of £2,724.
Moneyfacts HAS said that premiums have increased a bit over the past calendar year and unusually non smokers have been at the forefront of these cost increases.
Nevertheless, premium rates for non-smokers are still about 35% less than those for smokers.
Moneyfacts has explained that increased life expectancy and improved competition in the market for term life assurance have battered prices down.
The number of insurance providers has increased considerably in the last 10 years and so it is well worth consumers shopping around for their perfect policy, as different companies assess risk differently.
Apparently insurance cover from one insurer can cost up to five times more than with its most competitive rival.
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